An 85% increase in capital was approved for Shamla

The extraordinary general meeting of the Iran Salts Mining Company (Shamla) was held following the announcement of a capital increase of 2.3 trillion rials for the company.
According to the public relations of theIran Salts Mining Company, the extraordinary general meeting of Shamla took place today, on November 20th, with the attendance of 75.9% of individual shareholders and representatives of legal shareholders, the independent auditor, the legal inspector, and a representative from the Securities and Exchange Organization, at the Talash Cultural and Sports Complex in Tehran.

During this meeting, the increase in capital of the company by 2.3 trillion rials, equivalent to 85.2% of the current capital, was approved in a single phase from the shareholders’ current claims and cash contributions amounting to 1.52 trillion rials, and from retained earnings amounting to 780 billion rials.
Mohammad Mahdi Bourbour, the CEO of Shamla and Vice Chairman of the Board, stated that the purpose of the capital increase was to improve the financial structure and to procure working capital necessary for purchasing some of the raw materials for the potassium sulfate (potassium chloride) project.
After the reading of the report by the independent auditor and the legal inspector confirming the capital increase, the stock exchange’s consent was announced, and the capital increase was approved by majority vote.

As a result, the capital of the Iranian Mineral Salts Company was increased from 2.7 trillion rials to 5 trillion rials.